Side-by-Side
New
For Sale
$499,000
2224 Marshall Avenue, Norfolk, VA 23504
Multi Family Residential, Side by Side, Norfolk, VA
Property Size2,100 SF
Price / SF$237.62
Days on Market5
Property Features for 2224 Marshall Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-8
Subdivision
BARRAUD PARK
Elementary school
Jacox Elementary
Middle school
Ruffner Middle
Standard status
Active
Size
2,100 SF
Taxes and HOA fees
Tax Annual Amount
2800
Building Details
Year built
1963
Architectural style
Other
Listing Agency:
Inlet Realty
(757) 276-3330
Listed By:
Christine Cannizzo
(757) 675-5164
Added: Oct 22
Changed: Oct 25
Last Checked: Oct 26 at 1:06PM
MLS# 10658951
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This side-by-side triplex contains three apartments, each with two bedrooms and one full bathroom, across 2,100 square feet. Improvements include LVP flooring, new appliances, and replacement windows. Unit A was renovated in 2021, Unit B in 2025, and Unit C in 2023. The roof was replaced in 2023, and the exterior received paint in 2024. Built in 1963, the property is zoned R-8.
Located in Norfolk, the property is minutes from Norfolk State University. Tenants pay all utilities, and the property is offered in as-is condition.
Located in Norfolk, the property is minutes from Norfolk State University. Tenants pay all utilities, and the property is offered in as-is condition.
Key Highlights
- Three apartments, each with 2 bedrooms and 1 full bath
- 2,100 square feet; side‑by‑side triplex configuration
- Unit renovations: A in 2021, B in 2025, and C in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,505
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,100
$550.1K
Cap Rate 7%
$392,929
$392.9K
Cap Rate 9%
$305,611
$305.6K
Market Conditions
NOI Build-Up for 2,100 SF
Gross rent
$41.6K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$39.3K $18.71/SF
− OpEx
−$11.8K −$5.61/SF
NOI
$27.5K $13.10/SF
Area
Norfolk, VA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,100
Cap Rate 7%
$392,929
Cap Rate 9%
$305,611
Alternative Uses
Best Use
Multifamily LT 5
$392.9K
$343.8K – $458.4K
NOI $27,505 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$352.9K
$308.8K – $411.7K
NOI $24,702 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$445.5K
$389.8K – $519.7K
NOI $31,184 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
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Business Placement
Demographics for 23504, VA
22,465
Population
9,462
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
83%
High-School Grad
4.1 sq mi
ZIP Area
5,479
Density / Sq Mi
$43,156
Median Household Income
$26,707
Median Earnings
$872
Median Rent
$259,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom apartments feature recent interior updates, replacement windows, and tenant-paid utilities.
Where is this triplex located?
The property is located at 2224 Marshall Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three apartments, each with 2 bedrooms and 1 full bath; 2,100 square feet; side‑by‑side triplex configuration; Unit renovations: A in 2021, B in 2025, and C in 2023
